Small-Business Views on Retirement Savings Plans: Topline Results of Employer Survey

A brief from March 2017 Small-Business Views on Retirement Savings Plans: Topline Results of Employer Survey Overview This document contains the topline findings for the Survey of Decision-Makers at Private Sector Small and Midsize Businesses, conducted between April 26, 2016, and June 29, 2016, for The Pew Charitable Trusts. ICF International fielded the telephone survey, using a probability sample drawn from the Dun and Bradstreet list of businesses to reach a nationally representative sample of private sector small and midsize businesses (five to 250 employees). A trained team that specializes in interviewing businesses used computer-assisted telephone interviewing (CATI) to collect the data. Topline findings are unweighted and include missing responses as well as the responses of those who refused to answer or did not know the answer to a specific question. For analysis, ICF International weighted the data, and Pew reclassified responses coded as refused or don t know as missing. Missing responses were excluded from the final analysis. Where applicable, other responses were recoded to align with appropriate predefined survey responses. Not all respondents were presented with all survey questions. Sampling Frame geostr: Geographic Census Stratum Northeast 325 19.80% 325 19.80% Midwest 503 30.70% 828 50.50% South 372 22.70% 1,200 73.20% West 439 26.80% 1,639 100.00% Total 1,639

size: Sampling Frame Stratum Business Size 5-50 employees 1,540 94.00% 1,540 94.00% 51-250 employees 99 6.00% 1,639 100.00% Total 1,639 bus_type: Sampling Frame Stratum Business Type (based on SIC code) Goods producing 340 20.70% 340 20.70% Services producing 1,299 79.30% 1,639 100.00% Total 1,639 s3a: How many total employees work for your organization across all locations? ENTER NUMBER Mean: 28.74741 Valid N: 1,639 Type: Continuous 2

s4: Before we begin, of the following, which best describes your role in regard to employee benefits? 01-SOLE OR FINAL DECISION-MAKER REGARDING EMPLOYEE BENEFITS 561 34.20% 561 34.20% 02-HAVE SIGNIFICANT INPUT INTO EMPLOYEE BENEFIT DECISIONS 1,078 65.80% 1,639 100.00% 03-OBTAIN INFORMATION ABOUT BENEFITS BUT DO NOT MAKE DECISIONS 0 0.00% 1,639 100.00% 04-NOT INVOLVED IN MAKING BENEFITS DECISIONS 0 0.00% 1,639 100.00% 05-OTHER (SPECIFY) 0 0.00% 1,639 100.00% 98-DON T KNOW 0 0.00% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 3

Background c1: Which of the following best describes the industry in which you work? 01-AGRICULTURE 29 1.80% 29 1.80% 02-MINING 1 0.10% 30 1.80% 03-CONSTRUCTION 131 8.00% 161 9.80% 04-MANUFACTURING 118 7.20% 279 17.00% 05-TRANSPORTATION/ COMMUNICATIONS/ UTILITIES 139 8.50% 418 25.50% 06-WHOLESALE TRADE 37 2.30% 455 27.80% 07-RETAIL TRADE 247 15.10% 702 42.80% 08-FINANCIAL SERVICES/ INSURANCE/REAL ESTATE SERVICES 232 14.20% 934 57.00% 09-OTHER 648 39.50% 1,582 96.50% 98-DON T KNOW 49 3.00% 1,631 99.50% 99-REFUSED 8 0.50% 1,639 100.00% Total 1,639 Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 4

c2: Please list the states where your organization has locations. Value Frequency Value Frequency 01-ALABAMA 24 02-ALASKA 16 03-ARIZONA 40 04-ARKANSAS 20 05-CALIFORNIA 175 06-COLORADO 66 07-CONNECTICUT 37 08-DELAWARE 12 09-DC 13 10-FLORIDA 92 11-GEORGIA 44 12-HAWAII 11 13-IDAHO 29 14-ILLINOIS 116 15-INDIANA 58 16-IOWA 34 17-KANSAS 44 18-KENTUCKY 17 19-LOUISIANA 16 20-MAINE 24 21-MARYLAND 32 22-MASSACHUSETTS 60 23-MICHIGAN 71 24-MINNESOTA 64 25-MISSISSIPPI 14 27-MONTANA 21 28-NEBRASKA 28 29-NEVADA 23 30-NEW HAMPSHIRE 15 31-NEW JERSEY 57 32-NEW MEXICO 29 33-NEW YORK 108 34-NORTH CAROLINA 48 35-NORTH DAKOTA 16 36-OHIO 84 37-OKLAHOMA 22 38-OREGON 45 39-PENNSYLVANIA 103 40-RHODE ISLAND 13 41-SOUTH CAROLINA 24 42-SOUTH DAKOTA 19 43-TENNESSEE 34 44-TEXAS 111 45-UTAH 35 46-VERMONT 13 47-VIRGINIA 38 48-WASHINGTON 79 49-WEST VIRGINIA 11 50-WISCONSIN 52 51-WYOMING 15 26-MISSOURI 52 Note: State frequencies are based on businesses reporting of states where they have locations. 5

c3a: How many years has your organization been operating? YEARS Mean: 28.16616 Valid N: 1,631 Missing: 8 Type: Continuous c4a: A full-time employee is someone who typically works 35 or more hours per week. How many full-time employees does your organization currently employ? ENTER RESPONSE Mean: 19.83609 Valid N: 1,635 Missing: 4 Type: Continuous c5a: A part-time employee is someone who typically works less than 35 hours per week. How many part-time employees does your business currently employ? ENTER RESPONSE Mean: 6.709914 Valid N: 1,634 Missing: 5 Type: Continuous 6

c6: A seasonal worker is someone who is hired on a temporary basis to address short-term business needs, such as sales during the holidays. In the past 12 months, has your organization employed any seasonal workers? 01-YES 348 21.20% 348 21.20% 02-NO 1,287 78.50% 1,635 99.80% 98-DON T KNOW 4 0.20% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 c7a: Thinking of the last 12 months, how many seasonal workers did your organization employ in total? ENTER RESPONSE Mean: 7.270349 Valid N: 344 Missing: 1,295 Type: Continuous Asked if c6=01 (YES) 7

c8: How many independent contractors or 1099 workers does your organization currently employ? 01-GAVE RESPONSE 1,600 97.60% 1,600 97.60% 98-DON T KNOW 36 2.20% 1,636 99.80% 99-REFUSED 3 0.20% 1,639 100.00% Total 1,639 c8a: How many independent contractors or 1099 workers does your organization currently employ? ENTER RESPONSE Mean: 2.741875 Valid N: 1,600 Missing: 39 Type: Continuous Asked if c8=01 (GAVE RESPONSE) c9a: How many of your organization s current employees are represented by a union? ENTER NUMBER Mean: 0.609816 Valid N: 1,630 Missing: 9 Type: Continuous 8

c10: Is your organization incorporated? 01-YES 1,297 79.10% 1,297 79.10% 02-NO 306 18.70% 1,603 97.80% 98-DON T KNOW 35 2.10% 1,638 99.90% 99-REFUSED 1 0.10% 1,639 100.00% Total 1,639 c11: Does your organization currently manage payroll internally or do you outsource this task? 01-INTERNALLY 826 50.40% 826 50.40% 02-OUTSOURCE 801 48.90% 1,627 99.30% 98-DON T KNOW 12 0.70% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 9

Volatility v1: In the last year, did your organization s employee numbers... 01-INCREASE A LOT 75 4.60% 75 4.60% 02-INCREASE SOME 317 19.30% 392 23.90% 03-STAY ABOUT THE SAME 1,065 65.00% 1,457 88.90% 04-DECREASE SOME 147 9.00% 1,604 97.90% 05-DECREASE A LOT 29 1.80% 1,633 99.60% 98-DON T KNOW 5 0.30% 1,638 99.90% 99-REFUSED 1 0.10% 1,639 100.00% Total 1,639 v2: In the last year, did your organization s earnings... 01-INCREASE A LOT 89 5.40% 89 5.40% 02-INCREASE SOME 578 35.30% 667 40.70% 03-STAY ABOUT THE SAME 653 39.80% 1,320 80.50% 04-DECREASE SOME 221 13.50% 1,541 94.00% 05-DECREASE A LOT 54 3.30% 1,595 97.30% 98-DON T KNOW 35 2.10% 1,630 99.50% 99-REFUSED 9 0.50% 1,639 100.00% Total 1,639 10

Benefits b1: Now I would like to ask about your organization s employee benefits. Please indicate whether your organization offers each of the following benefits to its employees. Questions b1a-b1e were rotated. b1a: Retirement plans, such as a 401(k), profit-sharing, pension, Keogh, etc. 01-YES 912 55.60% 912 55.60% 02-NO 725 44.20% 1,637 99.90% 98-DON T KNOW 2 0.10% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 b1b: Health insurance. 01-YES 1,018 62.10% 1,018 62.10% 02-NO 618 37.70% 1,636 99.80% 98-DON T KNOW 3 0.20% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 11

b1c: Paid holidays, vacation, and/or sick leave. 01-YES 1,430 87.20% 1,430 87.20% 02-NO 209 12.80% 1,639 100.00% 98-DON T KNOW 0 0.00% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 b1d: Tuition assistance and/or reimbursement. 01-YES 385 23.50% 385 23.50% 02-NO 1,248 76.10% 1,633 99.60% 98-DON T KNOW 5 0.30% 1,638 99.90% 99-REFUSED 1 0.10% 1,639 100.00% Total 1,639 12

b1e: Dental or vision insurance. 01-YES 752 45.90% 752 45.90% 02-NO 884 53.90% 1,636 99.80% 98-DON T KNOW 3 0.20% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 b2: Does your company offer any other benefits? 01-YES 559 34.10% 559 34.10% 02-NO 1,073 65.50% 1,632 99.60% 98-DON T KNOW 7 0.40% 1,639 100.00% 99-REFUSED 0 0.00% 1,639 100.00% Total 1,639 Note: Those who answered Yes provided open-ended responses describing any other benefits offered. These responses were recoded to another category when applicable. 13

b3: In your opinion, would the average employee in your organization prefer to have a higher salary or better retirement benefits? 01-A HIGHER SALARY 1,424 86.90% 1,424 86.90% 02-BETTER RETIREMENT BENEFITS 129 7.90% 1,553 94.80% 98-DON T KNOW 82 5.00% 1,635 99.80% 99-REFUSED 4 0.20% 1,639 100.00% Total 1,639 Current Plan Offerings p1: The next few questions ask about the retirement plan your organization provides. p1a: Does your organization offer a retirement plan based on earnings and years on the job, such as a traditional pension plan? 01-YES 208 22.80% 208 22.80% 02-NO 684 75.00% 892 97.80% 98-DON T KNOW 18 2.00% 910 99.80% 99-REFUSED 2 0.20% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 14

p1b: Does your organization offer a retirement plan based on employee and employer contributions to an individual account plan, such as a 401(k) plan? 01-YES 811 88.90% 811 88.90% 02-NO 98 10.70% 909 99.70% 98-DON T KNOW 3 0.30% 912 100.00% 99-REFUSED 0 0.00% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) p1c: Does your organization offer a hybrid plan that combines earnings per year and employee/employer contribution characteristics? 01-YES 213 23.40% 213 23.40% 02-NO 656 71.90% 869 95.30% 98-DON T KNOW 42 4.60% 911 99.90% 99-REFUSED 1 0.10% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 15

p1d: Does your organization offer another type of retirement plan that I have not yet mentioned? 01-YES 112 12.30% 112 12.30% 02-NO 795 87.30% 907 99.60% 98-DON T KNOW 4 0.40% 911 100.00% 99-REFUSED 0 0.00% 911 100.00% Total 911 Missing 728 Asked if b1a=01 (businesses that offer retirement plans) Note: Those who answered Yes provided open-ended responses describing any other type of retirement plan offered by their organization. These responses were recoded to another category when applicable. p2: Next, I m going to list a few reasons that organizations might offer a retirement plan. Please tell me whether or not this is a reason your organization offers a retirement plan. p2a: Helps attract and retain quality employees. 01-YES 789 86.50% 789 86.50% 02-NO 114 12.50% 903 99.00% 98-DON T KNOW 9 1.00% 912 100.00% 99-REFUSED 0 0.00% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 16

p2b: Has a positive impact on employees. 01-YES 833 91.30% 833 91.30% 02-NO 70 7.70% 903 99.00% 98-DON T KNOW 8 0.90% 911 99.90% 99-REFUSED 1 0.10% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) p2c: Helps employees save for retirement. 01-YES 867 95.10% 867 95.10% 02-NO 40 4.40% 907 99.50% 98-DON T KNOW 5 0.50% 912 100.00% 99-REFUSED 0 0.00% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 17

p2d: Provides tax advantages for management. 01-YES 521 57.10% 521 57.10% 02-NO 354 38.80% 875 95.90% 98-DON T KNOW 35 3.80% 910 99.80% 99-REFUSED 2 0.20% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) p2e: Provides tax advantages for employees. 01-YES 692 75.90% 692 75.90% 02-NO 197 21.60% 889 97.50% 98-DON T KNOW 22 2.40% 911 99.90% 99-REFUSED 1 0.10% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 18

p3: Are there are any other reasons your organization offers a retirement plan? 01-YES 88 9.60% 88 9.60% 02-NO 818 89.70% 906 99.30% 98-DON T KNOW 6 0.70% 912 100.00% 99-REFUSED 0 0.00% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) Note: Those who answered Yes provided open-ended responses describing other reasons their organization offered a retirement plan. These responses were recoded to another category when applicable. 19

p4: Of the following, which is the main reason your organization offers a retirement plan? 01-HELPS ATTRACT AND RETAIN EMPLOYEES 284 31.90% 284 31.90% 02-POSITIVE IMPACT ON EMPLOYEE PERFORMANCE 62 7.00% 346 38.80% 03-HELPS EMPLOYEES SAVE FOR RETIREMENT 399 44.80% 745 83.60% 04-PROVIDES TAX ADVANTAGES FOR MANAGEMENT 57 6.40% 802 90.00% 05-PROVIDES TAX ADVANTAGES FOR EMPLOYEES 33 3.70% 835 93.70% 06-OTHER REASON 41 4.60% 876 98.30% 98-DON T KNOW 13 1.50% 889 99.80% 99-REFUSED 2 0.20% 891 100.00% Total 891 Missing 748 Asked if two or more of p2a-p3=01 (YES) p5a: How many of the ANSWER FROM (c4a_new) full-time employees actually participate in the retirement plan? ENTER NUMBER Mean: 17.48409 Valid N: 880 Missing: 759 Type: Continuous Asked if c4a>0 (had at least one full-time employee) and b1a=01 (businesses that offer retirement plans) 20

p6a: How many of the ANSWER FROM (c5a_new) part-time employees actually participate in the retirement plan? ENTER NUMBER Mean: 1.436909 Valid N: 634 Missing: 1,005 Type: Continuous Asked if c5a>0 (had at least one part-time employee) and b1a=01 (businesses that offer retirement plans) Pro-Savings Characteristics p7: Does your organization s retirement plan include automatic enrollment, where all employees participate and money is withheld from their pay to contribute to the plan unless they choose to opt out? 01-YES 258 31.80% 258 31.80% 02-NO 547 67.40% 805 99.30% 98-DON T KNOW 6 0.70% 811 100.00% 99-REFUSED 0 0.00% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) 21

p8: Of the following reasons, which is the most important reason your organization does not offer automatic enrollment? 01-COSTS TOO MUCH 17 3.10% 17 3.10% 02-LEGAL CONCERNS 17 3.10% 34 6.10% 03-EMPLOYEES WOULDN T LIKE AUTOMATIC ENROLLMENT 222 40.10% 256 46.30% 04-SATISFIED WITH CURRENT SETUP 242 43.80% 498 90.10% 05-OTHER REASON (SPECIFY) 39 7.10% 537 97.10% 98-DON T KNOW 14 2.50% 551 99.60% 99-REFUSED 2 0.40% 553 100.00% Total 553 Missing 1,086 Asked if p7=02/98/99 (NO/DON T KNOW/REFUSED) Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 22

p9: Does your organization s retirement plan use automatic escalation, where an employee s contribution automatically increases by a certain amount unless they opt out or a certain level is reached? 01-YES 95 11.70% 95 11.70% 02-NO 693 85.50% 788 97.20% 98-DON T KNOW 23 2.80% 811 100.00% 99-REFUSED 0 0.00% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) 23

p10: Of the following, which is the most important reason your organization does not offer automatic escalation? 01-COSTS TOO MUCH 30 4.20% 30 4.20% 02-LEGAL CONCERNS 20 2.80% 50 7.00% 03-EMPLOYEES WOULDN T LIKE AUTOMATIC ESCALATION 257 35.90% 307 42.90% 04-SATISFIED WITH CURRENT SETUP 345 48.20% 652 91.10% 05-OTHER REASON (SPECIFY) 34 4.70% 686 95.80% 98-DON T KNOW 28 3.90% 714 99.70% 99-REFUSED 2 0.30% 716 100.00% Total 716 Missing 923 Asked if p9=02/98/99 (NO/DON T KNOW/REFUSED) Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 24

p11: Does your retirement plan currently include employer contributions? 01-YES 718 88.50% 718 88.50% 02-NO 90 11.10% 808 99.60% 98-DON T KNOW 3 0.40% 811 100.00% 99-REFUSED 0 0.00% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) p12: Are these matching contributions? 01-YES 566 78.80% 566 78.80% 02-NO 142 19.80% 708 98.60% 98-DON T KNOW 10 1.40% 718 100.00% 99-REFUSED 0 0.00% 718 100.00% Total 718 Missing 921 Asked if p11=01 (YES) 25

p13: Of the following, which is the most important reason for not making a contribution to your employee s retirement plans? 01-COSTS TOO MUCH 41 45.60% 41 45.60% 02-ADMINISTRATIVE CHALLENGES 7 7.80% 48 53.30% 03-LEGAL CONCERNS 0 0.00% 48 53.30% 04-SATISFIED WITH CURRENT SETUP 13 14.40% 61 67.80% 05-OTHER REASON 27 30.00% 88 97.80% 98-DON T KNOW 1 1.10% 89 98.90% 99-REFUSED 1 1.10% 90 100.00% Total 90 Missing 1,549 Asked if p11=02 (NO) Rotate order of responses for 01-04 Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 26

Plan Fees p14: How familiar are you with your plan s investment fees fees that are associated with the investments in a retirement plan and are different from operating or record-keeping fees? 01-VERY FAMILIAR 158 19.50% 158 19.50% 02-SOMEWHAT FAMILIAR 373 46.00% 531 65.50% 03-NOT AT ALL FAMILIAR 267 32.90% 798 98.40% 98-DON T KNOW 12 1.50% 810 99.90% 99-REFUSED 1 0.10% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) 27

p15: To the best of your recollection, have you read any investment fee disclosure documents from your organization s retirement plan in the past year? 01-YES 460 56.70% 460 56.70% 02-NO 343 42.30% 803 99.00% 98-DON T KNOW 6 0.70% 809 99.80% 99-REFUSED 2 0.20% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) p16: Was the information in the fee disclosure understandable? 01-YES 389 84.60% 389 84.60% 02-NO 62 13.50% 451 98.00% 98-DON T KNOW 8 1.70% 459 99.80% 99-REFUSED 1 0.20% 460 100.00% Total 460 Missing 1,179 Asked if p15=01 (YES) 28

p17: How useful would it be for you to have additional information about investment fees? 01-VERY USEFUL 128 15.80% 128 15.80% 02-SOMEWHAT USEFUL 279 34.40% 407 50.20% 03-NOT TOO USEFUL 198 24.40% 605 74.60% 04-NOT AT ALL USEFUL 197 24.30% 802 98.90% 98-DON T KNOW 6 0.70% 808 99.60% 99-REFUSED 3 0.40% 811 100.00% Total 811 Missing 828 Asked if p1b=01 (YES) Plan Sponsors Perspectives on State Proposals for Retirement Savings p18: Now I am going to ask a few questions about a new retirement plan intended to make it easier for employees at businesses without retirement plans to save for retirement. Since your business offers a retirement plan, this proposal would not necessarily apply to your organization. However, given your experience with retirement plans, we would like your input. P18intro: Here are a few details about the plan: The plan would only cover employees who don t have access to a retirement savings plan at their work and would not apply to employees already in a plan. Workers would contribute to the retirement savings account unless they took action to opt out of the program. Employers could not make their own contributions. The plan would be sponsored by an outside organization and not by businesses like yours. A business s only responsibility would be to withhold money from participating employees paychecks and send it to the retirement account on their behalf. 29

p18a: Thinking about these plan features, would you strongly support, somewhat support, somewhat oppose, or strongly oppose this program? 01-STRONGLY SUPPORT 102 11.20% 102 11.20% 02-SOMEWHAT SUPPORT 416 45.60% 518 56.80% 03-SOMEWHAT OPPOSE 203 22.30% 721 79.10% 04-STRONGLY OPPOSE 147 16.10% 868 95.20% 98-DON T KNOW 38 4.20% 906 99.30% 99-REFUSED 6 0.70% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 30

p19: If your state sponsored and helped administer a plan like this but the plan was professionally managed by a third-party investment company, do you think you would stop offering your current retirement plan and instead enroll your employees in this new plan? 01-YES 100 11.00% 100 11.00% 02-NO 723 79.30% 823 90.20% 98-DON T KNOW 82 9.00% 905 99.20% 99-REFUSED 7 0.80% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 31

p20: What is the main reason you think you would enroll your workers in this new program? 01-REDUCED LEGAL RESPONSIBILITY 14 14.00% 14 14.00% 02-SEEMS BETTER THAN OUR CURRENT PLAN 18 18.00% 32 32.00% 03-REDUCED COST 53 53.00% 85 85.00% 04-OTHER (SPECIFY) 15 15.00% 100 100.00% 98-DON T KNOW 0 0.00% 100 100.00% 99-REFUSED 0 0.00% 100 100.00% Total 100 Missing 1,539 Asked if p19=01 (YES) Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 32

p21: What is the main reason you think you would not enroll your workers in this new program? 01-DON T SEE THE NEED TO CHANGE CURRENT PLAN 287 39.70% 287 39.70% 02-SEEMS WORSE THAN OUR CURRENT PLAN 71 9.80% 358 49.50% 03-I DON T TRUST THE STATE TO MANAGE THE PROGRAM 287 39.70% 645 89.20% 04-OTHER (SPECIFY) 76 10.50% 721 99.70% 98-DON T KNOW 2 0.30% 723 100.00% 99-REFUSED 0 0.00% 723 100.00% Total 723 Missing 916 Asked if p19=02 (NO) Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 33

p22: If the state government were to take any of the following steps, how useful would each be at encouraging retirement savings? p22a: Sharing information about existing retirement savings options with employers and employees. Would this step be very useful, somewhat useful, not too useful, or not at all useful at encouraging retirement savings? 01-VERY USEFUL 148 16.20% 148 16.20% 02-SOMEWHAT USEFUL 454 49.80% 602 66.00% 03-NOT TOO USEFUL 130 14.30% 732 80.30% 04-NOT AT ALL USEFUL 162 17.80% 894 98.00% 98-DON T KNOW 14 1.50% 908 99.60% 99-REFUSED 4 0.40% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 34

p22b: Sponsoring a retirement savings plan for employees without a plan at their work. 01-VERY USEFUL 237 26.00% 237 26.00% 02-SOMEWHAT USEFUL 404 44.30% 641 70.30% 03-NOT TOO USEFUL 99 10.90% 740 81.10% 04-NOT AT ALL USEFUL 155 17.00% 895 98.10% 98-DON T KNOW 12 1.30% 907 99.50% 99-REFUSED 5 0.50% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) p22c: Offering a tax credit for businesses that start a retirement plan. 01-VERY USEFUL 463 50.80% 463 50.80% 02-SOMEWHAT USEFUL 332 36.40% 795 87.20% 03-NOT TOO USEFUL 32 3.50% 827 90.70% 04-NOT AT ALL USEFUL 69 7.60% 896 98.20% 98-DON T KNOW 13 1.40% 909 99.70% 99-REFUSED 3 0.30% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) 35

p22d: Providing administrative services for a low-cost group retirement plan that different employers could adopt. 01-VERY USEFUL 257 28.20% 257 28.20% 02-SOMEWHAT USEFUL 440 48.20% 697 76.40% 03-NOT TOO USEFUL 85 9.30% 782 85.70% 04-NOT AT ALL USEFUL 116 12.70% 898 98.50% 98-DON T KNOW 11 1.20% 909 99.70% 99-REFUSED 3 0.30% 912 100.00% Total 912 Missing 727 Asked if b1a=01 (businesses that offer retirement plans) p22e: Is there anything else that the state government could do that would be useful in encouraging retirement savings? Type: String Valid N: 912 Asked if b1a=01 (businesses that offer retirement plans) Note: 262 respondents provided open-ended responses describing what else government could do that would be useful in encouraging retirement savings. These responses were recoded to another category when applicable. 36

Current Obstacles np1: Please indicate whether any of the following are reasons your organization does not offer a retirement plan. np1a: Too expensive to set up. 01-YES 475 65.50% 475 65.50% 02-NO 219 30.20% 694 95.70% 98-DON T KNOW 31 4.30% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% np1b: Organization does not have the resources to administer such a plan. 01-YES 450 62.10% 450 62.10% 02-NO 262 36.10% 712 98.20% 98-DON T KNOW 12 1.70% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 37

np1c: Employees are not interested. 01-YES 298 41.10% 298 41.10% 02-NO 365 50.30% 663 91.40% 98-DON T KNOW 60 8.30% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np1d: Organization is too new. 01-YES 97 13.40% 97 13.40% 02-NO 619 85.40% 716 98.80% 98-DON T KNOW 7 1.00% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% 38

np1e: Organization is concerned about how to choose a plan provider. 01-YES 103 14.20% 103 14.20% 02-NO 612 84.40% 715 98.60% 98-DON T KNOW 8 1.10% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np1f: We haven t thought about it. 01-YES 156 21.50% 156 21.50% 02-NO 554 76.40% 710 97.90% 98-DON T KNOW 11 1.50% 721 99.40% 99-REFUSED 4 0.60% 725 100.00% 39

np2: Are there are any other reasons your organization does not offer a retirement plan? 01-YES 194 26.80% 194 26.80% 02-NO 526 72.60% 720 99.30% 98-DON T KNOW 4 0.60% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% Asked if np1=01 (YES) Note: Those who answered Yes provided open-ended responses describing other reasons their organization offered a retirement plan. These responses were recoded to another category when applicable. 40

np3: Of the following, which is the most important reason you do not offer a plan? 01-TOO EXPENSIVE TO SET UP 155 27.60% 155 27.60% 02-MY ORGANIZATION DOES NOT HAVE THE RESOURCES TO ADMINISTER SUCH A PLAN 122 21.70% 277 49.30% 03-EMPLOYEES ARE NOT INTERESTED 88 15.70% 365 64.90% 04-ORGANIZATION IS TOO NEW 31 5.50% 396 70.50% 05-OUR ORGANIZATION IS CONCERNED ABOUT HOW TO CHOOSE A PLAN PROVIDER 8 1.40% 404 71.90% 06-WE HAVEN T THOUGHT ABOUT IT 34 6.00% 438 77.90% 07-OTHER REASONS 113 20.10% 551 98.00% 98-DON T KNOW 11 2.00% 562 100.00% 99-REFUSED 0 0.00% 562 100.00% Total 562 Missing 1,077 Asked for only those where np1a-np2=01 (YES) 41

npbrk: Please indicate your level of familiarity with the following different retirement plan options. Questions np4a-np4d were rotated. np4a: Simplified Employee Pension (or SEP) plans. Are you... 01-VERY FAMILIAR 84 11.60% 84 11.60% 02-SOMEWHAT FAMILIAR 185 25.50% 269 37.10% 03-NOT AT ALL FAMILIAR 456 62.90% 725 100.00% 98-DON T KNOW 0 0.00% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% np4b: SIMPLE plans. Are you... 01-VERY FAMILIAR 82 11.30% 82 11.30% 02-SOMEWHAT FAMILIAR 194 26.80% 276 38.10% 03-NOT AT ALL FAMILIAR 442 61.00% 718 99.00% 98-DON T KNOW 6 0.80% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 42

np4c: myra programs. Are you... 01-VERY FAMILIAR 51 7.00% 51 7.00% 02-SOMEWHAT FAMILIAR 135 18.60% 186 25.70% 03-NOT AT ALL FAMILIAR 532 73.40% 718 99.00% 98-DON T KNOW 7 1.00% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% np4d: 401(k) plans. Are you... 01-VERY FAMILIAR 269 37.10% 269 37.10% 02-SOMEWHAT FAMILIAR 376 51.90% 645 89.00% 03-NOT AT ALL FAMILIAR 80 11.00% 725 100.00% 98-DON T KNOW 0 0.00% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% 43

Future Plans np5: What is the likelihood that your organization will start a retirement plan in the next two years? 01-MUCH MORE LIKELY 41 5.70% 41 5.70% 02-SOMEWHAT MORE LIKELY 151 20.80% 192 26.50% 03-NO MORE LIKELY 529 73.00% 721 99.40% 98-DON T KNOW 3 0.40% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np6: Please indicate whether any of the following would impact the likelihood of your organization offering a retirement plan in the future. Questions np6a-np6e were rotated. 44

np6a: An increase in the business s profits. 01-MUCH MORE LIKELY 227 31.30% 227 31.30% 02-SOMEWHAT MORE LIKELY 248 34.20% 475 65.50% 03-NO MORE LIKELY 246 33.90% 721 99.40% 98-DON T KNOW 2 0.30% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np6b: Increased business tax credits for starting a plan. 01-MUCH MORE LIKELY 153 21.10% 153 21.10% 02-SOMEWHAT MORE LIKELY 287 39.60% 440 60.70% 03-NO MORE LIKELY 276 38.10% 716 98.80% 98-DON T KNOW 7 1.00% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% 45

np6c: Availability of easy-to-understand information. 01-MUCH MORE LIKELY 97 13.40% 97 13.40% 02-SOMEWHAT MORE LIKELY 212 29.20% 309 42.60% 03-NO MORE LIKELY 414 57.10% 723 99.70% 98-DON T KNOW 2 0.30% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% np6d: A plan with reduced administrative requirements. 01-MUCH MORE LIKELY 88 12.10% 88 12.10% 02-SOMEWHAT MORE LIKELY 263 36.30% 351 48.40% 03-NO MORE LIKELY 368 50.80% 719 99.20% 98-DON T KNOW 6 0.80% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% 46

np6e: Greater tax advantages for key executives. 01-MUCH MORE LIKELY 94 13.00% 94 13.00% 02-SOMEWHAT MORE LIKELY 241 33.20% 335 46.20% 03-NO MORE LIKELY 381 52.60% 716 98.80% 98-DON T KNOW 7 1.00% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np6f: Increased demand from employees. 01-MUCH MORE LIKELY 145 20.00% 145 20.00% 02-SOMEWHAT MORE LIKELY 295 40.70% 440 60.70% 03-NO MORE LIKELY 282 38.90% 722 99.60% 98-DON T KNOW 3 0.40% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% 47

np7: If your organization wanted additional information on starting a retirement plan for its employees, which of the following potential sources would you be most likely to use? 01-FAMILY OR FRIEND 44 6.10% 44 6.10% 02-OTHER BUSINESS OWNERS 111 15.30% 155 21.40% 03-FINANCIAL ADVISER 297 41.00% 452 62.30% 04-INSURANCE AGENT 156 21.50% 608 83.90% 05-OTHER SOURCES 102 14.10% 710 97.90% 98-DON T KNOW 12 1.70% 722 99.60% 99-REFUSED 3 0.40% 725 100.00% Perspectives of Businesses Without Plans on State Proposals for Retirement Savings np8: Now I am going to ask a few questions about a new retirement plan intended to make it easier for employees at businesses without retirement plans to save for retirement. The plan would be sponsored by an outside organization and not by businesses like yours. Please indicate your level of support for each separate feature. First I will describe how the program might apply to employers. Questions np8a-np8c were rotated. 48

np8a: Businesses only responsibility would be to withhold money from participating employees paychecks and send it to the retirement account on their behalf. 01-STRONGLY SUPPORT 269 37.10% 269 37.10% 02-SOMEWHAT SUPPORT 314 43.30% 583 80.40% 03-SOMEWHAT OPPOSE 65 9.00% 648 89.40% 04-STRONGLY OPPOSE 66 9.10% 714 98.50% 98-DON T KNOW 8 1.10% 722 99.60% 99-REFUSED 3 0.40% 725 100.00% np8b: Businesses would not be required to contribute to the plan. 01-STRONGLY SUPPORT 298 41.10% 298 41.10% 02-SOMEWHAT SUPPORT 299 41.20% 597 82.30% 03-SOMEWHAT OPPOSE 65 9.00% 662 91.30% 04-STRONGLY OPPOSE 48 6.60% 710 97.90% 98-DON T KNOW 11 1.50% 721 99.40% 99-REFUSED 4 0.60% 725 100.00% 49

np8c: Businesses would not have any legal responsibility for their employees retirement accounts. 01-STRONGLY SUPPORT 360 49.70% 360 49.70% 02-SOMEWHAT SUPPORT 257 35.40% 617 85.10% 03-SOMEWHAT OPPOSE 51 7.00% 668 92.10% 04-STRONGLY OPPOSE 39 5.40% 707 97.50% 98-DON T KNOW 14 1.90% 721 99.40% 99-REFUSED 4 0.60% 725 100.00% npbrk2: Now I will discuss some ideas about how this program might apply to employees. Questions np8d-np8h were rotated. 50

np8d: Employees who don t have access to a retirement savings plan at their work would be offered the chance to participate in one. 01-STRONGLY SUPPORT 409 56.40% 409 56.40% 02-SOMEWHAT SUPPORT 255 35.20% 664 91.60% 03-SOMEWHAT OPPOSE 25 3.40% 689 95.00% 04-STRONGLY OPPOSE 30 4.10% 719 99.20% 98-DON T KNOW 5 0.70% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np8e: By default, workers would contribute to the retirement savings account unless they took action to opt out of the program. 01-STRONGLY SUPPORT 240 33.10% 240 33.10% 02-SOMEWHAT SUPPORT 289 39.90% 529 73.00% 03-SOMEWHAT OPPOSE 87 12.00% 616 85.00% 04-STRONGLY OPPOSE 100 13.80% 716 98.80% 98-DON T KNOW 8 1.10% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 51

np8f: Employees could stop or change their contributions at any time. 01-STRONGLY SUPPORT 461 63.60% 461 63.60% 02-SOMEWHAT SUPPORT 204 28.10% 665 91.70% 03-SOMEWHAT OPPOSE 24 3.30% 689 95.00% 04-STRONGLY OPPOSE 30 4.10% 719 99.20% 98-DON T KNOW 5 0.70% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 52

np8g (3 percent only): As a starting point, participating employees would contribute a set amount of 3 percent of their paychecks to the retirement account. 01-STRONGLY SUPPORT 107 31.70% 107 31.70% 02-SOMEWHAT SUPPORT 154 45.60% 261 71.30% 03-SOMEWHAT OPPOSE 35 10.40% 296 87.60% 04-STRONGLY OPPOSE 32 9.50% 328 97.00% 98-DON T KNOW 10 3.00% 338 100.00% 99-REFUSED 0 0.00% 338 100.00% Total 338 Missing 1,301 and respondent was randomly assigned to 3 percent contribution. Note: Respondents whose businesses did not offer a retirement plan were asked about their support for an initial contribution rate for participating employees of either 3 percent or 6 percent of their paychecks. Respondents were randomly given either the 3 percent or 6 percent version of the question; of the 725 respondents who indicated in b1a that they did not offer a retirement plan at their business, 338 were asked about a 3 percent contribution and 387 were asked about a 6 percent contribution for participating employees. Responses are displayed for each group of respondents separately. 53

np8g (6 percent only): As a starting point, participating employees would contribute a set amount of 6 percent of their paychecks to the retirement account. 01-STRONGLY SUPPORT 94 24.30% 107 24.30% 02-SOMEWHAT SUPPORT 162 41.90% 256 66.20% 03-SOMEWHAT OPPOSE 63 16.30% 319 82.40% 04-STRONGLY OPPOSE 57 14.70% 376 97.20% 98-DON T KNOW 10 2.60% 386 99.70% 99-REFUSED 1 0.30% 387 100.00% Total 387 Missing 1,252 and respondent was randomly assigned to 6 percent contribution. Note: Respondents whose businesses did not offer a retirement plan were asked about their support for an initial contribution rate for participating employees of either 3 percent or 6 percent of their paychecks. Respondents were randomly given either the 3 percent or 6 percent version of the question; of the 725 respondents who indicated in b1a that they did not offer a retirement plan at their business, 338 were asked about a 3 percent contribution and 387 were asked about a 6 percent contribution for participating employees. Responses are displayed for each group of respondents separately. 54

np8h: Employees could withdraw their own contributions to the account at any point without a penalty. 01-STRONGLY SUPPORT 401 55.30% 401 55.30% 02-SOMEWHAT SUPPORT 187 25.80% 588 81.10% 03-SOMEWHAT OPPOSE 67 9.20% 655 90.30% 04-STRONGLY OPPOSE 57 7.90% 712 98.20% 98-DON T KNOW 12 1.70% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np9: Now I want you to think about all of these plan features together. Please tell me whether you would strongly support, somewhat support, somewhat oppose, or strongly oppose the plan. 01-STRONGLY SUPPORT 195 26.90% 195 26.90% 02-SOMEWHAT SUPPORT 434 59.90% 629 86.80% 03-SOMEWHAT OPPOSE 44 6.10% 673 92.80% 04-STRONGLY OPPOSE 42 5.80% 715 98.60% 98-DON T KNOW 9 1.20% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 55

np9a: What is the main reason you support this retirement plan? 01-IT WOULD HELP MY EMPLOYEES 486 77.30% 486 77.30% 02-THE COSTS OF WITHHOLDING CONTRIBUTIONS WOULD BE MODEST 51 8.10% 537 85.40% 03-IT WOULD MAKE OUR BUSINESS MORE COMPETITIVE WITH OTHER FIRMS 60 9.50% 597 94.90% 04-OTHER 27 4.30% 624 99.20% 98-DON T KNOW 2 0.30% 626 99.50% 99-REFUSED 3 0.50% 629 100.00% Total 629 Missing 1,010 Asked if np9=01/02 (STRONGLY SUPPORT/SOMEWHAT SUPPORT) Rotate order of responses for 01-03 Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 56

np9b: What is the main reason you are opposed to this retirement plan? 01-I AM WORRIED ABOUT THE COSTS OF ENROLLING WORKERS AND SENDING THEIR CONTRIBUTIONS TO THE PLAN 15 17.40% 15 17.40% 02-I DON T THINK MY BUSINESS S EMPLOYEES WANT/NEED A RETIREMENT PLAN 20 23.30% 35 40.70% 03-I DON T THINK WORKERS SHOULD BE AUTOMATICALLY ENROLLED IN A RETIREMENT PLAN 32 37.20% 67 77.90% 04-OTHER 18 20.90% 85 98.80% 98-DON T KNOW 1 1.20% 86 100.00% 99-REFUSED 0 0.00% 86 100.00% Total 86 Missing 1,553 Asked if np9=03/04 (SOMEWHAT OPPOSE/STRONGLY OPPOSE) Note: Other categories included open-ended responses. These responses were recoded to another category when applicable. 57

np10: Different entities could potentially sponsor and help administer this retirement plan. I m going to list a few potential sponsors. After I mention each one, please indicate your level of support for the plan. np10a: The federal government. Would you... 01-STRONGLY SUPPORT 84 11.60% 84 11.60% 02-SOMEWHAT SUPPORT 222 30.60% 306 42.20% 03-SOMEWHAT OPPOSE 120 16.60% 426 58.80% 04-STRONGLY OPPOSE 292 40.30% 718 99.00% 98-DON T KNOW 7 1.00% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% 58

np10b: The state government. Would you... 01-STRONGLY SUPPORT 82 11.30% 82 11.30% 02-SOMEWHAT SUPPORT 246 33.90% 328 45.20% 03-SOMEWHAT OPPOSE 144 19.90% 472 65.10% 04-STRONGLY OPPOSE 245 33.80% 717 98.90% 98-DON T KNOW 7 1.00% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np10c: A mutual fund company. Would you... 01-STRONGLY SUPPORT 137 18.90% 137 18.90% 02-SOMEWHAT SUPPORT 440 60.70% 577 79.60% 03-SOMEWHAT OPPOSE 85 11.70% 662 91.30% 04-STRONGLY OPPOSE 49 6.80% 711 98.10% 98-DON T KNOW 13 1.80% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 59

np10d: An insurance company. Would you... 01-STRONGLY SUPPORT 90 12.40% 90 12.40% 02-SOMEWHAT SUPPORT 429 59.20% 519 71.60% 03-SOMEWHAT OPPOSE 110 15.20% 629 86.80% 04-STRONGLY OPPOSE 87 12.00% 716 98.80% 98-DON T KNOW 8 1.10% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np11: If your business had to either use a new state-sponsored retirement savings plan with the features we discussed or begin offering your own plan, which approach would you be more likely to take? 01-USE THIS NEW PLAN 330 45.50% 330 45.50% 02-START YOUR OWN PLAN 329 45.40% 659 90.90% 98-DON T KNOW 59 8.10% 718 99.00% 99-REFUSED 7 1.00% 725 100.00% 60

np12: Let s talk about a different situation: np12a: Assume state policymakers take steps to encourage retirement savings by setting up a website where small businesses could find information about retirement plans and get quotes but would not be required to select any plan. How helpful do you think this idea would be for businesses like yours that don t have a retirement plan? 01-VERY HELPFUL 331 45.70% 331 45.70% 02-SOMEWHAT HELPFUL 290 40.00% 621 85.70% 03-NOT VERY HELPFUL 52 7.20% 673 92.80% 04-NOT AT ALL HELPFUL 50 6.90% 723 99.70% 98-DON T KNOW 2 0.30% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% 61

np13: Do you think having access to this type of online marketplace would encourage your business to offer a retirement plan? 01-YES 404 55.70% 404 55.70% 02-NO 304 41.90% 708 97.70% 98-DON T KNOW 14 1.90% 722 99.60% 99-REFUSED 3 0.40% 725 100.00% np14: I would like to run a different retirement plan idea past you. I will provide you the details of this new plan in separate parts. Please indicate your level of support for each separate feature. Questions np14a-np14e were rotated. 62

np14a: Several different businesses could adopt a group retirement savings plan run by their state treasurer s office. Would you... 01-STRONGLY SUPPORT 104 14.30% 104 14.30% 02-SOMEWHAT SUPPORT 305 42.10% 409 56.40% 03-SOMEWHAT OPPOSE 126 17.40% 535 73.80% 04-STRONGLY OPPOSE 175 24.10% 710 97.90% 98-DON T KNOW 11 1.50% 721 99.40% 99-REFUSED 4 0.60% 725 100.00% np14b: Both employers and employees could make contributions. Would you... 01-STRONGLY SUPPORT 324 44.70% 324 44.70% 02-SOMEWHAT SUPPORT 308 42.50% 632 87.20% 03-SOMEWHAT OPPOSE 29 4.00% 661 91.20% 04-STRONGLY OPPOSE 56 7.70% 717 98.90% 98-DON T KNOW 5 0.70% 722 99.60% 99-REFUSED 3 0.40% 725 100.00% 63

np14c: Employers and employees have some choice in how to invest their contributions. Would you... 01-STRONGLY SUPPORT 435 60.00% 435 60.00% 02-SOMEWHAT SUPPORT 227 31.30% 662 91.30% 03-SOMEWHAT OPPOSE 22 3.00% 684 94.30% 04-STRONGLY OPPOSE 34 4.70% 718 99.00% 98-DON T KNOW 3 0.40% 721 99.40% 99-REFUSED 4 0.60% 725 100.00% np14d: The state would handle record keeping, financial reporting, and communication for the plan. Would you... 01-STRONGLY SUPPORT 160 22.10% 160 22.10% 02-SOMEWHAT SUPPORT 254 35.00% 414 57.10% 03-SOMEWHAT OPPOSE 85 11.70% 499 68.80% 04-STRONGLY OPPOSE 216 29.80% 715 98.60% 98-DON T KNOW 8 1.10% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% 64

np14e: Employers would have reduced legal liability compared with operating their own plan. Would you... 01-STRONGLY SUPPORT 350 48.30% 350 48.30% 02-SOMEWHAT SUPPORT 268 37.00% 618 85.20% 03-SOMEWHAT OPPOSE 48 6.60% 666 91.90% 04-STRONGLY OPPOSE 44 6.10% 710 97.90% 98-DON T KNOW 12 1.70% 722 99.60% 99-REFUSED 3 0.40% 725 100.00% np15: Assuming all of the ideas we just discussed were part of the new retirement program, how helpful do you think it would be for businesses like yours that don t have a retirement plan? 01-VERY HELPFUL 258 35.60% 258 35.60% 02-SOMEWHAT HELPFUL 348 48.00% 606 83.60% 03-NOT VERY HELPFUL 60 8.30% 666 91.90% 04-NOT AT ALL HELPFUL 52 7.20% 718 99.00% 98-DON T KNOW 5 0.70% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% 65

np16: If this plan was available, do you think your business... 01-WOULD DEFINITELY BE INTERESTED IN PARTICIPATING 53 7.30% 53 7.30% 02-MIGHT BE INTERESTED IN PARTICIPATING 395 54.50% 448 61.80% 03-WOULD PROBABLY NOT BE INTERESTED IN PARTICIPATING 160 22.10% 608 83.90% 04-WOULD DEFINITELY NOT BE INTERESTED IN PARTICIPATING 112 15.40% 720 99.30% 98-DON T KNOW 4 0.60% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% np17: If the state government were to take any of the following steps, how useful would each be at encouraging retirement savings? 66

np17a: Sharing information about existing retirement savings options with employers and employees. Would this step be very useful, somewhat useful, not too useful, or not at all useful at encouraging retirement savings? 01-VERY USEFUL 152 21.00% 152 21.00% 02-SOMEWHAT USEFUL 398 54.90% 550 75.90% 03-NOT TOO USEFUL 76 10.50% 626 86.30% 04-NOT AT ALL USEFUL 93 12.80% 719 99.20% 98-DON T KNOW 4 0.60% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% 67

np17b: Sponsoring a retirement savings plan for employees without a plan at their work. 01-VERY USEFUL 165 22.80% 165 22.80% 02-SOMEWHAT USEFUL 397 54.80% 562 77.50% 03-NOT TOO USEFUL 69 9.50% 631 87.00% 04-NOT AT ALL USEFUL 86 11.90% 717 98.90% 98-DON T KNOW 6 0.80% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np17c: Offering a tax credit for businesses that start a retirement plan. 01-VERY USEFUL 342 47.20% 342 47.20% 02-SOMEWHAT USEFUL 292 40.30% 634 87.40% 03-NOT TOO USEFUL 37 5.10% 671 92.60% 04-NOT AT ALL USEFUL 50 6.90% 721 99.40% 98-DON T KNOW 3 0.40% 724 99.90% 99-REFUSED 1 0.10% 725 100.00% 68

np17d: Providing administrative services for a low-cost group retirement plan that different employers could adopt. 01-VERY USEFUL 229 31.60% 229 31.60% 02-SOMEWHAT USEFUL 372 51.30% 601 82.90% 03-NOT TOO USEFUL 45 6.20% 646 89.10% 04-NOT AT ALL USEFUL 74 10.20% 720 99.30% 98-DON T KNOW 3 0.40% 723 99.70% 99-REFUSED 2 0.30% 725 100.00% np17e: Is there anything else that the state government could do that would be useful in encouraging retirement savings? 01-GAVE RESPONSE 187 25.80% 187 25.80% 02-NO 503 69.40% 690 95.20% 98-DON T KNOW 35 4.80% 725 100.00% 99-REFUSED 0 0.00% 725 100.00% Type: String Valid N: 725 Note: 187 respondents provided open-ended responses describing what else government could do that would be useful in encouraging retirement savings. These responses were recoded to another category when applicable. 69

For further information, please visit: pewtrusts.org/retirement-savings Contact: Ken Willis, communications officer Email: kwillis@pewtrusts.org Project website: pewtrusts.org/retirement-savings The Pew Charitable Trusts is driven by the power of knowledge to solve today s most challenging problems. Pew applies a rigorous, analytical approach to improve public policy, inform the public, and invigorate civic life.